Ecometals (TSX: V.EC, Stock Forum) shares raced 47% higher to trade at $1.09 at last check.
The company announced Tuesday that it would begin drilling in December at its Rio Zarza gold project in Ecuador after receiving all necessary permits. The project adjoins the Kinross (TSX: T.K, Stock Forum) – formerly Aurelian – exploration license.
Before the news was out, QTraderOne wrote: “Suffice to say if they are correct in their geological DD then EC will have at least what FdN has and that will be awesome given gold has doubled since ARU had their discovery. There was a target price put on ARU if I recall of $75. a share (at $650oz gold)... the numbers here are potentially staggering. Now you can see why a pop is in order when this permit is confirmed.”
The company’s share price traded at a new 52-week high, but some were expecting a bigger bump in the weeks ahead. Stokminer opined: “Watch the next few days as news trickles out into the investing community and the story gets out. Now that the permit is in hand people will feel free to promote the stock and with that comes a rise in sp given the small float.”
Once posters to the company Bullboard learned that drilling would begin mid-month, they began to speculate about the timing of assay results with some expecting news as soon as mid-January.
And to sum up, WesternRookie wrote: “The biggest risk was permits in my opinion. The geology is much less risky! Congrats everyone. We all deserve it!”
